Chanel is set to launch a new color cosmetics collection in Fall 2008, the company's first line launched under Peter Philips, the house’s new creative director of makeup. Philips, who replaced Dominique Moncourtois and Heidi Morawetz in January, has decided to use gold as a major theme for his first collection. The collection, due on counter in July, includes a nail polish, a loose powder that reads on the skin as a subtle glow, a lip gloss, various lipsticks and a quad eye shadow palette with gold, coffee, ivory and dark green eye colors.